Can a bank deny you access to your money?

It depends on the reason. But as consumer protection lawyers, we run into a common situation where banks flag your account for potential fraud for some reason and freeze it—but then when you try to prove who you are, they run you in circles.

If your bank has frozen your money and won’t let you prove your identity in a reasonable time, we may be able to help. Our firm helps consumers get access to their bank accounts using state consumer protection laws and a federal statute called EFTA (the Electronic Funds Transfer Act). If your bank is giving you the run-around for no good reason, call us at 657-845-3100. We don’t charge for consultations and don’t charge anything to do an evaluation of your case.

The power banks should possess when it comes to your money

For Zurro, it seemed unfair that the bank took money from her account since all she did was make her sister the beneficiary of the CD in the event of her death. While I do agree that banks have the right to take money from one account to pay for the balance of unpaid debt, I also feel there should be a limit. The limit to how much a bank can take should either be a fixed amount, or a percentage of the overall balance.

I don’t think banks should be allowed to take more than 50 percent of a balance held in one account to pay for an unpaid balance in another. So if someone owed $100,000 on a home loan, and also had a CD with an amount of $50,000, the bank shouldn’t be able to take more than 50 percent of the balance held in the CD, (which would be $25,000).

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Step 2: Overhaul Your Monthly Budget

The cold, hard truth is that people with healthy budgets don’t rack up overdraft fees or other bank fees. If you have bad credit or a negative banking history, you’re doing something wrong.

Before you ruin another banking relationship, you need to address the root of the problem: your monthly budget.

The bank suspects fraudulent activity

If the bank suspects that you are attempting to commit fraud on your account, they may freeze it. This can include the use of your account for money laundering, using your account to commit fraud, or any other illegal activity. This is done because the bank wants to protect itself from further financial losses.

The bank may also freeze your account if they suspect that you have stolen money from the account. This can include making unauthorized withdrawals, or even cashing a check that is not yours.

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